Oil at highest in three weeks on Middle East tension and Venezuela concerns
London — Oil rose on Tuesday to its highest level so far in March, lifted by tension in the Middle East and the possibility of further falls in Venezuelan output. Brent futures were up 70 US cents at $66.75 a barrel by 10.27am GMT, after hitting $66.79, the highest level since late February. US West Texas Intermediate (WTI) crude futures were up 45c at $62.51 a barrel. "The move today is more to do with geopolitical tensions than underlying fundamentals, but I don’t expect that to last," PVM Oil Associates strategist Tamas Varga said. Saudi Arabia called the 2015 nuclear deal between Iran and world powers a "flawed agreement" on Monday, on the eve of a meeting between the Saudi crown prince and US President Donald Trump. Both are highly critical of Iran. Trump has threatened to withdraw the US from the accord between Tehran and six world powers, raising the prospect of new sanctions that could hurt Iran’s oil industry. "Tensions between Saudi Arabia and Iran gave prices some support...
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